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According to a filing late Friday, the investment fund doubled down on Rivian and took new positions in EV makers Nio and Lucid.
In February, it was disclosed that the fund owned nearly 20 million shares of Rivian, worth $2 billion at the time.
The investment has not paid off despite steep declines for Rivian shares this year, but the fund bought another 6 million shares in the period ended March 31, the Friday filing shows.
That brings the fund's stake to about 25.9 million shares. Rivian shares have lost about 74% this year, compared to the S&P 500's losses of around 16%. SPX is +2.39
Rivian has been a train wreck but could be turning a corner.
Rivian's shares fell in the extended session after the regular trading day ended.
Rivian posted a wider-than-expected first-quarter loss and revenue that disappointed Wall Street.
Rivian's $17 billion in cash on hand would be enough to launch the platform for a cheaper EV out of the future Rivian plant in Georgia, and investors cheered that the EV maker kept its production guidance at 25,000 EV this year.
The fund sold off its positions in EV maker Fisker Inc. and auto maker General Motor Co in the filing.
It also sold off its stakes in other companies.
Bank of America Corp., Etsy Inc., and Eventbrite Inc. were new additions to the fund.
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